Trump poised to tax an additional $200bn Chinese imports
11 September, 2018, 01:11 | Author: Mary Valdez
US PresidentDonald Trump's administration has threatened 25 percent tariffs on the Chinese imports, including seafood, furniture, lighting products, tires, chemicals and plastics.
Mark Zandi, chief economist at Moody's Analytics, estimates that tariffs on $200 billion of Chinese imports, on top of previously enacted duties, would shave a quarter of a percentage point off the economy's growth over the next 12 months.
So far this year, USA imports from China are running roughly 8 percent higher than during the same period in 2017.
Intel Corp., the world's second-largest chip maker, weighed in supporting Apple's opposition to the tariffs and broadening the argument. "[It] could take place very soon depending on them-to a certain extent it depends on China". "I hate to do this, but behind that there is another $267 billion ready to go on short notice if I want". So far, he has imposed 25% tariffs on $50 billion worth of Chinese imports, while China has retaliated by doing the same on a like amount of USA exports to China.
While the President often brags about his accomplishments via Twitter, official data shows that China's trade surplus with the United States is greater than ever.
China has responded to the tariffs on $200 billion by saying it will retaliate with tariffs on $60 billion.
Asian stocks were mostly lower on Thursday as the USA and China moved closer to imposing tariffs on billions of dollars of each other's goods, sounding a call of caution in the markets. In addition it would affect the Mac Mini, HomePod and several chargers and adapters for different products.
Dell, Cisco, Juniper Networks and Hewlett Packard Enterprise warn the new taxes could result in USA job losses.
The proposed tariff list includes thousands of different product categories, some of which cover electronic components and devices.
Mr. Trump claims that China's trade policies are unfair, including the widespread practice of requiring foreign companies operating there to share intellectual property.
The President is banking on the strong United States economy - with unemployment at record lows - to take the edge off the damage to the U.S. itself in the face of a trade war.
But many US companies and industry groups have testified to the US Trade Representative's Office that their businesses are being harmed.
Reuters reported in July that the Apple Watch was likely to be affected by the tariffs. Meanwhile, the administration has reached a preliminary deal with Mexico to overhaul the North American Free Trade Agreement, and has been negotiating around the clock with Canada for a new three-nation pact.
Global exports increased by 9.8 percent while its imports rose by 20 percent compared to the same month previous year, according to customs data.
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